The Central Bank of Nigeria (CBN) has introduced a new framework for the banking industry in order to ensure that banks adopt global Information Technology (IT). According to CBN, the new document would provide guidelines for and serve as reference points in ensuring the quality of IT service delivery in the Nigerian banking industry.
The CBN stated: “Pursuant to the need to identify and adopt global IT standards, which would provide guidelines for and serve as reference points in ensuring the quality of IT service delivery in the Nigerian banking industry, through IT Infrastructure Transformation programme sponsored by the Bankers’ Committee in 2010, the blueprint for the IT standards and the governance framework have been defined and now, by this circular, released to the industry, for adoption by all banks.”
The circular explained a five-year implementation roadmap for the IT standards within which banks were expected to implement in accordance with the set timelines and the defined priorities.
Additionally, it stated that implementation would be in a continuum approach such that initial implementations would target “maturity level three and subsequently improved to include certification and higher maturity levels.”